Page 1

JULY 2017

YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE

What’s inside: Mixing things up Brokering for Berkadia Self-driving cars


±4.88 ACRES

SEC FM 2218 & TOWN CENTER BLVD.

ROSENBERG, TEXAS

Approximately 4.88 acres located on the southeast corner of FM 2218 (B.F. Terry Blvd.) and Town Center Blvd. in the rapidly growing Rosenberg, Texas market area. The property ±41,543 sf of land located on the west side of Patterson St. just north of Cornish on the north side of I-10 in the Heights is at the hard corner of a fully signalized intersection in Brazos Town Center. neighborhood. Property is adjacent to White Oak Bayou and the White Oak Hike and Bike trail. • • • •

Easy access to US 59 and FM 762

Patterson benefits from easy access on and off I-10 with its own exit from the freeway and immediate on ramp just past the light atalready Shepherd. Patterson reaches across I-10 to the south side making it well located and easy to get to retail, Sidewalks in place restaurants and businesses.

Site has full utilities through MUD 167 - Brazos Town Center, and off site detention Price: $7.50 Pricing: $45 PSF PSF, all offers will be responded to.

KRISTEN MCDADE Senior Director T: +1 713 469 4509 kristen.mcdade@berkadia.com

LAUREN GEARY Marketing Coordinator T: +1 346 444 8968 lauren.geary@berkadia.com

MATT DAVIS Analyst T: +1 346 444 8961 matt.davis@berkadia.com


BERKADIA HOUSTON

LAND SITES

±1.61 ACRES | RANKIN RD.

±21 ACRES ON CLAY RD. | KATY, TEXAS

Hard NEC of fully signalized intersection at Rankin Rd. and Imperial Valley.

Between Porter Rd. and Katy Hockley Cutoff Rd., in the middle of multiple master-planned communities

±41,543 sf of land located on the west side of Patterson St. just north of Cornish on the north side of I-10 in the Heights neighborhood. Property is adjacent to White Oak Bayou and the White Oak Hike and Bike trail. Patterson benefits fromBEND easy access on and exit from the freeway immediateDR. on ramp just past TWO TRACTS | FT. TOLL RD.off I-10 with its own±32,640 SF | 710and WAUGH the light at Shepherd. Patterson reaches across I-10 to the south side making it well located and easy to get to retail,

Two restaurants tracts at theand hard NEC and NWC of Ft. Bend Toll Rd. businesses. and McHard Rd. in the City of Houston.

SWC of Waugh Dr. and D’Amico St., just one block from the newly restored Buffalo Bayou Park.

Pricing: $45 PSF, all offers will be responded to.

KRISTEN MCDADE Senior Director T: +1 713 469 4509 kristen.mcdade@berkadia.com

LAUREN GEARY Marketing Coordinator T: +1 346 444 8968 lauren.geary@berkadia.com

MATT DAVIS Analyst T: +1 346 444 8961 matt.davis@berkadia.com


IN THIS ISSUE

10

26

16

42

Market

Scoop

Services

Features

Sales & Leases 1-3, 5, 7-9, 12 -15, 17, 21 – 25, 44

Environmental Services 43 Legal Services 41 Photography 24

Events 24, 28, 32, 34, 36 Social 33, 35, 37 Bulletin 38-40

Brokering for Berkadia 10, 11 Mixing Things Up 16, 18 – 20 CIVIL FAIR PLAY Deed Restrictions & Airbnb 26, 27 RAY'S BUZZ Self–Driving Cars and Hotel Forecast 42

4

July 2017


Letter from the Publisher

YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE

PUBLISHER

Ginger Wheless  ginger@REDNews.com

EDITOR

Margie Gohmert info@REDNews.com

STAFF WRITERS

Dear Readers, This month we looked at the creation of mixed-use developments in Texas which started growing in popularity during the mid-'90s. Addison Circle in Addison, Texas seemed to lead the charge in 1992 by the rethinking of the use of an 80 acre downtown parcel that was zoned for office development during a time when there was no demand for more downtown office space. A creative thinking property owner/developer/planner, along with open minded city officials, came up with a plan to create a town center which they hoped would build the inner city’s nighttime population. Their concept took off and continues to thrive today.

Over the years, mixed-use development projects have grown in popularity; however, due to the increase in land prices, these projects have evolved to become more compact and vertical. Read all about it on pages 16, 18 - 20. Continuing on the thread of creative thinking and can-do people in the CRE industry, check out who put Berkadia on the map here in Houston and if you want to be aesthetically awed, get an office tour!

The “sharing economy” of AIRBNB and Uber plus self-driving cars are discussed in Civil Fair Play and Ray’s BUZZ column.

Next month we’ll have a Retail Recap in the August issue and will be at Retail Live! in Austin which is always a fun, lively and productive event. Come join us and wear your boots! Have a wonderful July 4th ! Best Regards,

Janis Arnold janisarnold1@gmail.com Ray Hankamer rhankamer@gmail.com Brandi Smith info@REDNews.com

CONTRIBUTING WRITER Travis Huehlefeld

EMARKETING DIRECTOR

Rahul Samuel emarketing@REDNews.com

CREATIVE DIRECTOR

Steven Smith digital@REDNews.com

ACCOUNTING

Benton Mahaffey accounting@REDNews.com

SALES

Ginger Wheless  ginger@REDNews.com

PRINT & DIGITAL DISTRIBUTION

REDNews is directly mailed each month to commercial real estate brokers, investors and developers throughout Texas and the US. Texas Brokers: 8,150 Texas Leasing/Tenant Rep: 6,232 Texas Investors: 4,979 Texas Developers: 4,710 Outside Texas Investors, Brokers, Developers etc: 26,387

TOTAL QUALIFIED REDNews DISTRIBUTION: 50,458 REDNews has gone green using recycled paper. Thank you Midway Press! To subscribe to REDNews call (713) 661-6300 or log on to REDNews.com/subscription. 5909 West Loop South, Suite 135 Bellaire, TX 77401

Ginger Wheless


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FM 1464 & Bellaire Blvd

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Phillip Carameros

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Houston, TX

| phillip@gordonpartners.com


Loop 250 & Midland Dr

Amarillo, TX

Bell St & SW 45th Ave

Kenedy, TX

805 W Main St

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Scott Gordon

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(713) 961-3337

| sgordon@gordonpartners.com


Brokering for Berkadia: Why a big name in Houston CRE made the move

Kristen McDade

Ryan Epstein

BY BRANDI SMITH

“I have spent the past 18 years learning the ins and outs of Houston: how it transforms, develops, and grows, who the players are and who the future players will be.” – Kristen McDade

For Kristen McDade, being a real estate broker boils down to one thing: integrity. “This goes for any industry you are in, but is especially meaningful in real estate where your reputation is everything,” says the Senior Director at Berkadia. “Clients know they can trust me.” McDade says she learned that early on while working across the desk from her father, legendary Houston broker Bill McDade. He also taught her the value of hard work. “Keep listening. Keep learning. Keep calling. Keep pushing. He had a framed note on his wall for years that said ‘Press On,” she says. “I work hard. I do what I say I am going to do and then some.” An added bonus is that McDade’s nearly two decades in commercial real estate have all been logged in her hometown of Houston. “I have spent the past 18 years learning the ins and outs of Houston: how it transforms, develops, and grows, who the players are and who the future players will be,” she says. “Knowing your market intimately takes time. I have put in the time and now people actually look to me when it comes to this city and its real estate.” McDade got her start at McDade Smith Gould Johnston Mason + Co., a boutique brokerage firm, which she describes as feeling like family. When it closed its doors, she followed her father to CBRE. “I understood my Dad wanted to work for ‘the biggest’ and see how that platform would improve our business. What I found out, for me, was that I much preferred that boutique feel of my old firm,” she says. When she began looking for a company which could offer that environment she missed, she met with Ryan Epstein, the Senior Managing Director of Berkadia’s Texas Investment Sales Team. “Ryan spent close to two hours bubbling over about all the great things he was experiencing with Berkadia,” McDade remembers. “When it comes to business, Ryan is super serious. He is no-nonsense and incredible at what he does. Hearing this excitement coming from him made moving to Berkadia an easy decision.”

Though its roots date back to 1994, the company owned by Berkshire Hathaway and Leucadia National adopted the name Berkadia in 2009. Its reach stretches across 60 offices in the United States and India, which is one of the reasons it can boast 2016 production of $27.8 billion. Along with being the top originating HUD lender and second-largest Freddie Mac lender, Berkadia is the third-largest commercial mortgage servicer in the country. “We’re able to provide a variety of real estate solutions for the entire lifecycle of a client’s assets, including mortgage banking, investment sales, capital markets, loan servicing and advisory services,” says Ernie Katai, Berkadia’s Executive Vice President and Head of Production. He adds that another reason for the company’s success is its elite team of professionals. “They share Berkadia’s commitment to integrity, excellence and relationships,” he says. McDade echoes that. “They are highly selective in who they bring onto the brokerage team and then they allow us to do our jobs,” she says. “They give us all the tools. We work hard. We are full service. Through our spirited and relentless pursuit, we are the unmistakable firm of choice for commercial real estate sales, services and finance.” Tucker S. Knight, Berkadia’s Head of Texas Loan Originations, says the company finds the right people, then gives them the tools they need to succeed. “Our research, technology and professional expertise, along with the sheer strength of our ownership and company leadership, sets us apart in the industry,” he says. “The firm has invested millions of dollars into increasing our ability to provide real-time market knowledge backed by solid data that allows us to better advise clients,” says Director Jennifer Ray. “We believe this differentiates us from our competitors.” It has become clear for clients, who helped propel Berkadia’s investment sales production volume ($7.7 billion) to its best year ever in 2016.


Andrew Hill

Tucker Knight

“To put that in perspective, the investment sales industry as a whole only expanded by 3 percent between 2015 and 2016. Berkadia saw 31 percent growth,” Katai points out.

That growth is also spurred by the company’s expansion. Berkadia added approximately 110 professionals and expanded into 15 new markets, Houston included, since 2013. “We’re focused on building a robust network of investment sales professionals throughout the country, particularly in high-growth sectors such as senior housing and hotels/hospitality, while also adding more top talent to our mortgage banking division,” says Katai. “Houston and Austin, for example, have enjoyed tremendous growth over the past decade due to aboveaverage population growth and significant employment growth. Commercial real estate flourishes where there are jobs and people, so it’s vital that we have a strong presence in Texas to serve our clients there.” The Houston office has been operational for less than half a decade, but it is already making a significant impact on the market, directly and indirectly. Just this fall, the company more than tripled its footprint in Houston when it relocated to an 18,500-square-foot space in San Felipe Place, managed by Hines. “The modern amenities and larger office space position us to grow our presence in Houston and across the Texas markets,” Epstein says. With that added space, he adds, the company can more easily work toward its goal of becoming Texas’ premier provider of multi-family investment sales, mortgage banking and loan servicing over the next few years. “To that end, Berkadia has invested heavily in national research, information technology and leadership infrastructure to allow our Texas multi-family team to increase capacity significantly without compromising client satisfaction,” says Epstein. Business in Texas is booming, according to Knight, who cites 177 deals made across the state in 2016.

Jennifer Ray

Ernie Katai

“Berkadia's platform has access to various sources of capital such as Life Companies, GSEs, CMBS, Debt Funds and obviously banks, to name a few. We are the largest originator of Freddie Mac, Fannie Mae and HUD loans in the country. In 2016, we closed in excess of $2 billion in loans across Texas with the agencies alone,” he says. In North Texas, Senior Managing Director John Koeijmans predicts the main driver for commercial real estate will be the job creation spurred by corporate relocations. “Dallas-Fort Worth is the No. 2 market for job gains in the country, adding more than 119,000 jobs (for the 12 months ending February 2017), just behind New York, which gained 145,000 jobs,” he points out. “Dallas-Fort Worth is anticipated to grow by 250,000 people per year for the next 10 years, thus the continued strong commercial real estate activity.” Koeijmans, who focuses on debt and equity in multifamily, says that growth coupled with the attractive debt market has made apartments a solid investment. Austin is also enjoying steady growth due to its quality of life, but Managing Director Andy Hill says it is a very competitive market. “Prices are high and are generally going up. Capital costs are historically low, but there is a lot of capital chasing a finite number of deals, which further drives prices and can make it challenging to get deals to pencil in this market,” he says. Hill says one of the biggest challenges faced in Austin, which certainly applies to other parts of the state, is rising real estate taxes. “Most properties that we’ve seen had their tax assessments increase by 18 to 25 percent, several over 30 percent and a couple north of 50 percent,” he says. “In spite of the challenges presented by relatively higher prices and out-of-control real estate taxes, I firmly believe that Austin will remain attractive to investors as the market continues to grow, innovate and mature.” With a large number of corporate relocations and the new Dell Seton Medical Center at the University of Texas, Hill says more opportunities are sure to come. Back in Houston, Ray says the overall market fundamentals are making sellers think hard about

John Koeijmans

whether refinancing or selling now will generate the best asset execution. “Class B & C multi-family assets continue to trade, but fewer Class A assets transactions have been the biggest contributor to the reduction of deal volume since 2014,” she says. “Houston has been going through a correction for the past two to three years, whereas the other major Texas cities have continued to stay in expansion mode.” According to Epstein, that could be a benefit for developers as early as next year. Roughly 15,000 multifamily units are expected to come online in 2017, but there’s little in the pipeline after that. “Relative to comparable markets like Dallas or Atlanta that have very full pipelines for the foreseeable future, Houston is poised to generate a tremendous return for current investors,” he says. “As the oil industry bounces back, and very few apartments are delivered in the next couple of years, I expect to see absorption go way up and rents to follow suit.” As for McDade, though she says she’s still an “inner loop girl at heart,” she’s branching out to areas such as Katy, Rosenberg and other markets outside the loop. (Keep an eye on her ads here in REDNews for her latest projects.) A highlight for her, though, is working on high profile properties, such as 710 Waugh, which is the hard corner of Waugh and D’Amico. “It is an amazing corner in a great pocket off Allen Parkway. It comes with a hefty price tag, but it is just that kind of corner. It’s prestigious and worth every penny the future buyer will pay for it,” she says. “The owner trusts me and we have a really good rapport. I understand what he is trying to achieve and he knows I will jump over all the hurdles to get him what he wants.” McDade says working on each new property provides fresh insight into the community where she was born and raised. “I love all the creativity that is here, the diversity and the celebration of proud Houstonians. I love that Houston brings people from all over the world who want to be a part of our great community,” she says. “Houston is so resilient; it ebbs and flows with every new wave. We are proud of our history as well as our future.” July 2017

11


GReenberg & Company Commercial Real Estate Brokerage Firm

PAD SITES FOR SALE/LEASE SALE | LEASE | BUILD-TO-SUIT | RETAIL | OFFICE | HOTEL | MEDICAL Great corner location on I-45, just North of 610. Land was formerly used as a Doctor's Hospital. Excellent location for an office building, new construction, apartments, assisted living, restaurant, grocery store, fast food or a bank. The property is surrounded by several residential neighborhoods, shopping centers and restaurants. Easy access to I-45 North/South and 610.

PROPERTY HIGHLIGHTS

SITES AVAILABLE

• All Utilities Available • Major Thoroughfare • Great Visibility • Hard Corner • Great Exposure

READY FOR DEVELOPMENT Pad Site 1 - 2.165 Acres - Available Pad Site 2 - 2.226 Acres - Leased Pad Site 3 - 1.263 Acres - Available Pad Site 4 - 1.262 Acres - Available

W. Parker Rd

SALE PRICE: CALL FOR DETAILS Contact Broker : David Greenberg Email: David@GreenbergCompany.com Call: 713-778-0900

Property Management | Tenant/Landlord Representation Retail | Land | Office | Industrial |Acquisitions | Land Development 5959 Richmond Ave., Suite 440 Houston, TX 77057 | WWW.GREENBERGCOMPANY.COM | Phone: 713-778-0900 | Fax: 713-782-7445

LEVCOR, INC. IS A LEADER IN THE DEVELOPMENT AND REPOSITIONING OF RETAIL SHOPPING CENTERS RANGING FROM 100,000 TO 1,000,000 SQUARE FEET THROUGHOUT TEXAS AND NORTH CAROLINA.

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Levcor, Inc. 1001 West Loop South #600, Houston, Texas 77027 713.952.0366

LEVCOR.COM


In 2003, you could have bought this property for $1.27 per foot. In 2006, you could have bought this property for $5.00 per foot. In 2007, you could have bought this property for $7.42 per foot.

NOTICE A TREND?

20.12 Acres at the northwest corner of Brittmore and Clay Roads. Non-approval/no recourse long or short term flexible owner financing. Crowd funding solutions entertained.

Mitch Zarsky 713 825 0728


FLEXIBILITY IN GREAT LOCATIONS BUCKLEY BUILDING

PARKWAY OFFICE CENTER

1. If you DO NOT have changes please sign, date and return. 2. If you HAVE CHANGES, indicate changes on proof and return within 24 hours. 3. Proofs not returned within 24 hours will be considered approved to run AS IS. 4. Ads or inserts cancelled after the 10th of the month will be billed 100%.

PUBLICATION MONTH: JULY 2017 ADVERTISER: AD SIZE: 1/2

1

PROPERTY TYPE:

Negotiable Rates & Quick Move-In

SALES REP:

Easy access to W. Sam Houston Tollway/I10 & Westpark Tollway 800 W. Sam Houston building renovated in 2016 & 888 W. Sam Houston will be completed by year end

Contact Art Troscher or Cory Troscher 713-463-9994 atroscher@premierps.net | ctroscher@premierps.net

504 SF – 2767 SF Available

Realty 1 Partners focuses on properties in newly developing areas in the Southwest, particularly growing markets in Houston, Austin, San Antonio and Dallas/Fort Worth.

Easy access to I10 & CBD/ Sam Houston Parkway Aggressive Owner & Quick Move-in Onsite Management 3/1000 Parking Ratio

1100 SF – 2022 SF Available

DATEW. OF PROOF: 6/6/17 800 & 888 Sam Houston Parkway, Houston, TX

ON THE FOREFRONT OF EXPANSION

9225 Katy Freeway

SUGAR LAND AREA

Opening Winter 2017

Opening Summer 2017

4820 LJ Parkway

17101 W. Grand Pkwy. S.

Riverstone Plaza

20,000 sf

28,000 sf

ready to lease spaces

(the corner of Hwy. 99/Hwy. 59-behind HEB)

Riverpark Crossing ready to lease spaces

contact: Lauren Heimann lheimann@edge-re.com Edge Realty 713-900-3026


1

Mixing things up: How mixed-use development is changing the look and feel of Texas’ largest cities ADDISON CIRCLE PARK | COURTESY CITY OF ADDISON

BY BRANDI SMITH

What might be considered one of the more modern approaches to development is, it turns out, rooted in some of our near-ancient history. Mixed-use development has been around for several centuries and is exemplified by the medieval villages that cropped up all over Europe.

FRISCO STATION | COURTESY FRISCO STATION

The rules for constructing a lasting village between the 5th and 15th centuries were fairly simple. It ought to be compact, dense, offer multiple uses and provide limited transportation systems. Within the walls, the village must provide a community that is not just functional, but productive. Just as it didn’t in medieval times, mixed-use development today need not focus exclusively on residential, retail or entertainment. “Urban mixed-use districts are walkable and combine a lot of different elements to generate activity from the day into the evening,” said Paris Rutherford, principal at Dallas-based Catalyst Urban Development. He added that, though there was talk of the idea in the 1980s, mixed-use development didn’t start building in popularity until the mid-’90s. Then, in the 2000s, it began to flourish, even as the approach and designs evolved. “Mixed-use today is not what the perception of mixeduse was ten years ago,” said Nick Hernandez, managing director at Transwestern Retail. “A lot of projects built then were mixed-use in nature, but they weren't compact. The trend you see now, partially due to land prices, is to stack uses on top of each other and make it as dense as possible.” In this issue of REDNews, we will highlight some of the most significant examples of mixed-use development within the state of Texas. Some are decades old, others are just beginning construction, but they all provide a unique take on this age-old approach.

NORTH TEXAS Addison Circle

It’s difficult to imagine the town center of Addison, a suburb of Dallas, hasn’t always been there. However, it wasn’t until 1992 that a municipal committee came up with the idea for mixed-use development that now stretches over more than 40 acres at Addison’s core. “As a city, it had a very large daytime population, but a small nighttime population,” explained Rutherford, who worked with city leaders on the development. 16

July 2017

He said right in the heart of the city was roughly 80 acres of land zoned for 13.5 million square feet of office space, a use for which there was no market at the time. “The property owner, the city, developers and planners all thought through what that could be. We arrived at a solution to create a town center, which would build the city’s nighttime population,” Rutherford said. The end result is a project that has stood the test of time. More than two decades later, Addison Circle offers upwards of 2,400 residential units. It’s also host to dozens of retail shops and restaurants, as well as large and small offices for companies such as Ansira. They’re all wrapped around - what else? - a circle in the middle of the development, which features the commissioned public art piece called “Blueprints at Addison Circle.” “It really was the first example of mixed-use urbanism in a suburban market in the state,” Rutherford said proudly, adding that the development has nabbed a slew of awards as well as national acclaim.

Frisco Station They’re lined up along 5,280 feet of the Dallas North Tollway in Frisco: one huge mixed-use development after another. There’s the $1 billion, 90-acre Star of Frisco, the new headquarters for the Dallas Cowboys, and Wade Park, a 175-acre, $2 billion project. The Gate, which features two 10-story luxury condo buildings, a boutique hotel and office buildings, eats up another 41 acres. But the largest development on the city’s famed “$5 Billion Mile” is Frisco Station, developed by The Rudman Partnership, Hillwood Properties and VanTrust Real Estate. The Station, which broke ground in October 2016, will spread over 242 acres and is expected to cost $1.8 billion. When completed, it will offer 6 million square feet of office space, 990,000 square feet of medical office, 200,000 square feet of retail and 75,000 square feet of restaurants. Just this spring, construction got underway on NewcrestImage’s 300-room AC Hotel and Residence Inn. That project is expected to be joined by three other hotels, including a Canopy by Hilton, to complete what is being called The Hub at Frisco Station. Continued on Page 18 >


DAIRY ASHFORD / MEMORIAL

PASADENA

CHAMPIONS AREA

3315 BURKE ROAD Pasadena, TX 77504

909 DAIRY ASHFORD RD Houston, TX 77079

908 E. SOUTHMORE BLVD. Pasadena, TX 77502

17030 NANES HOUSTON, TX 77090

• 46,462 SF, Three Story MOB • 80 Free Surface Parking Spaces • Recently Renovated Lobby • Generous TI Allowance • 532-3,068 SF Available

• Up to 11,929 NRA Available • Two Story MOB • On Site Pharmacy • Located 2 miles from the NW Medical Center

GREENSPOINT

CHAMPIONS AREA

GALLERIA

GALLERIA

550 GREENS PARKWAY Houston, TX 77067

14505 TORREY CHASE BLVD Houston, TX 77014

7660 WOODWAY Houston, TX 77063

7887 SAN FELIPE Houston, TX 77063

• 560- 11,080 NRA Available • Beautiful Atrium Lobby, High End Finishes & Lush Landscaping • Secured Covered Parking

• 580-8,536 NRA Available • Completely Remodeled in 2015 • Private Corner Balconies on Upper Floors • Located near FM 1960 & I-45 in Champions Forest

• Up to 16,014 NRA Available • Five Level, Class B Office Building • Renovated in 2014 • Property Secured by Security Gate & Card Key Access

• Up to 2,532 NRA Available • Located in the Suburbs of the Galleria – San Felipe/Voss Submarket • Free Covered Parking

ANGLETON

TEXAS CITY

BROWNSVILLE

EAST HOUSTON CENTER

1800 N. VELASCO Angleton, TX 77515

8030 FM 1765 Texas City, TX 77591

3000 PABLO KISEL BLVD Brownsville, TX 78526

10907-11095 I-10 EAST Houston, TX 77029

• 6,700 SF End Cap Available • Kroger Anchored Center • Center is Located Across from Wal-Mart • Renovated in 2014

• Up to 3,000 SF Available • Located in the NASA/Clear Lake Submarket • Parking Ratio 7.07/1,000

CORPORATE OFFICE: 7887 San Felipe Houston, TX 77063 (713) 974-4292

• 1,200-6,460 SF Available • Strong National Tenant Mix • Located Adjacent to Sunrise Mall • Strong Demographics

SAN ANTONIO OFFICE: 12770 Cimarron Path St. 122 San Antonio, TX 78249 (210) 212-6222

OFFICE

• Two Story MOB • Renovated in 2008 • Up to 2,392 SF Available • Services the Memorial & Surrounding • Neighborhoods

• Up to 11,017 SF Available • Located at NWC I-10 E Frontage @ John Ralston • Traffic Count Exceeds 189,000 CPD

AUSTIN OFFICE:

502 East 11th Street, #400 Austin, TX 78701 (512) 302-4500

RETAIL

• Three Story Office Building • Fully Remodeled Lobby & Common Areas • Conveniently Located Across Bayshore Medical Center • 885-3,596 NRA Available

MEDICAL

PASADENA


MOCKINGBIRD STATION | COURTESY CBRE

BAYSIDE | COURTESY WILKS DEVELOPMENT

< Continued from Page 16

Mercer Crossing When Centurion American Development Group broke ground on $1 billion Mercer Crossing in Farmers Branch this spring, it did so after years of planning. Stretching over 370 acres in the heart of the Metroplex, Mercer Crossing is slated to include retail, restaurants, a boutique hotel, a 48-acre office park, amphitheater and an entertainment district. It will also feature more than 800 single-family homes and roughly 3,500 multi-family units. Those will be distributed between six distinct “Texas Tudor” neighborhoods: Amesbury, Ashington, Brighton, Coventry, Verwood and Windermere. Already, builders such as Beazer Homes, Megatel Homes, First Texas Homes, Oakdale Homes, Siena Homes and

as tenants began filling the nearly 300 residential units that came online in 2016, adding to the existing 600. “There's real activity on the sidewalks and on the street,” said Colin Fitzgibbons, vice president of CityLine developer KDC. “It's neat to see something that was just an architect’s rendering become a real place.” The 186-acre development is nowhere near complete either. Nearly 1,000 more residential units are under construction now, though a total 3,925 are planned. Though retail is popping, another 30,236 square feet of space is in the works. There are also plans for roughly 1.8 million square feet of office space, which means that when CityLine is complete, it will boast 5 million square feet of office alone.

CityLine Last year was a big one for Richardson’s CityLine. State Farm moved into a fourth building. Retailers, such as Whole Foods Market, and restaurants, including the Gulf seafood-focused Tricky Fish, opened up. Construction began wrapping up on the 150-room Aloft at CityLine, 18

July 2017

That list will soon include Boeing, which picked Legacy West as the headquarters of its new Global Services business unit, which will serve as a hub for the approximately 20,000 BGS employees located around the globe. Construction on the $3.2 billion dollar, 255-acre development got underway in February 2014. As companies have moved in, the daytime population has grown to more than 20,000, making Legacy West one of the largest job centers in the state, according to The Karahan Companies.

The property’s largest tenant is State Farm, which leases 2 million square feet, the largest office transaction in North Texas history. CityLine is also home to the Raytheon campus, which is comprised of three Class A buildings. The three-story, 41,567-squarefoot Wellness Building, meanwhile, hosts Children’s Health Specialty Center, Family Medicine of Richardson and Texas Health Behavioral Health Center.

The 415,000-square-foot retail portion of the project spans three and a half blocks and will offer up options such as Sprinkles, Shake Shack, Fabletics, Coach, Tommy Bahama and Texas’ first Dean & DeLuca. Legacy West will feature a 303-room Renaissance Legacy Hotel, as well as two high-rise luxury living towers with more than 1,200 luxury apartments and 127 urban villas to complete the project.

The first phase of build-out nearly complete, developers estimate approximately 15,000 people either live or work on site. In the years to come, as construction continues, the goal is to grow that number to 30,000.

The water feature is 25 times the size of an Olympic swimming pool and the equivalent of 10 football fields of water, according to the company charged with constructing it. It will also do more than offer residents a place to cool off; the lagoon will include a state-ofthe-art show fountain, which can project video.

LEGACY WEST | COURTESY THE KARAHAN COMPANIES

M/I Homes are on board and residents are expected to start moving in next year.

for itself as a home for the headquarters of companies such as Toyota, FedEx Office, JP Morgan Chase and Liberty Mutual.

Legacy West Billed as the largest new mixed-use development at the beginning of June in North Texas, Plano’s Legacy West just celebrated the grand opening of its outdoor shopping center. However, it has already made a name

Bayside The only resort development on our list is also slated to bring the first man-made lagoon to Texas. Kent Donahue’s Bayside includes plans for an 8-acre Crystal Lagoon, which will be the focal point of the $1 billion, 262-acre mixed-use property in Rowlett.

The giant water feature will be surrounded by a variety of buildings, including a resort, marina, two condo towers, apartments and single-family homes. That doesn’t include the 1.5 million square feet of mixed-use retail, entertainment, restaurant and office space or four miles of lake-front trails. Crews broke ground on the property last spring, though construction is only just getting started.


Mockingbird Station What would become the first transit-oriented development in the state of Texas didn’t start with that goal, according to Paris Rutherford, principal at Dallasbased Catalyst Urban Development. “It was because of its location,” he explained. “Of course, now it seamlessly ties into the station and it's one of the gems of transit-oriented development in the state.” Located right at the corner of Mockingbird Lane and the North Central Expressway, the property also happens to be adjacent to Southern Methodist University. It was developer Ken Hughes who first realized the site’s potential. “He was a true visionary. He was oftentimes many years ahead of his time,” said Rutherford. Just as Hughes was getting started on his new project, the city approved plans for a light-rail system, Dallas Area Rapid Transit (DART). The so-called “starter line” included a stop at Hughes’ property, which helped transform the development into what it is today. It opened in January 1997. Boasting more than 200 loft-style apartments, an office tower, restaurants, a theater, Mockingbird Station offers more than 550,000 square feet of mixed-use space. Ever evolving, the development, which is now 30 years old, is in the process of updating its look and signage. New greenspace and updated storefronts are also in the works.

IN THE WORKS: NORTH TEXAS International real estate firm Hines has announced plans for a new 135-acre mixed-use development in Allen. The property will include plans for a corporate campus. The City of Irving is offering $6 million in economic benefits for Verizon’s $1 billion mixed-use development in Irving. The 2 million-square-foot project would include retail, apartments, hotel rooms and DART access.

HOUSTON Imperial Market

After years of work, construction on Sugar Land’s Imperial Market will get underway this fall. “Now is kind of the fun part,” says Nick Hernandez, managing director of Transwestern Retail. “We're putting the tenant mix together and doing the deals. I think the only part better than this is when we open it to the public.” Imperial Market is also unique due to its location: the former Imperial Sugar refinery. Founded in what would become Sugar Land in 1843, the company’s refinery ran for more than 150 years before it was shuttered in 2003. Designed by architectural firm HOK and built by Harvey Builders, the 777,500-square-foot project will utilize most of the property's existing building, the silos and smokestacks.

large windows. The aforementioned twin smokestacks will be relocated to become a kind of focal point for Imperial Market’s 30,000-square-foot park, as will the recently restored water tower. “It is remarkable to be able to breed new life into that facility,” says Hernandez. “The community can use it, participate in it and draw into the history behind it. I think it really is kind of a perfect storm for a great mixed-use development with tremendous community involvement.” Adjacent to Constellation Field, the home of the Sugar Land Skeeters baseball club, and future home of the Fort Bend Children’s Discovery Center (a project of the Children’s Museum of Houston), Imperial Market planners hope to develop a family-friendly destination. On that note, the project will also include 275 luxury multi-family residences and 86,400 square feet of office space. “The City of Sugar Land enthusiastically supports the project,” Sugar Land mayor James Thompson said in a statement. “It’s a real game changer for the city and Fort Bend County.”

Discovery Green When Super Bowl LI came to Houston in February, the spotlight wasn’t just on NRG Stadium, where the game was played. Discovery Green, the epicenter for fan fun, logged millions of visits in the week leading up to the big game. It was an effort years in the making ever since the downtown Houston park was first conceived back in 2003. “The establishment of the park created an option for Houstonians to recreate downtown outdoors. That was a foreign concept for a long time,” says Barry Mandel, Discovery Green Conservancy’s president and a fourthgeneration Houstonian. The park’s creation spurred more than $1 billion of development on surrounding property. The initial focus, Mandel says, was on the west side. Over time, developers have wrapped their projects around Discovery Green. It’s certainly not by mistake, but what began simply as a park has reintroduced mixed-use development and living into downtown. “The sheer volume of people who have visited that park has shown others around us that public green space is good for economic development,” says Mandel. “It's good for safety. It's good for security. It's good for activity. It's good for spurring retail.” Residential development is also seeing a boom, in part due to the City of Houston’s Downtown Living Initiative, which gave builders additional funding for creating residential units downtown. Between 2014 and 2019, Mandel anticipates an increase of 5,000 downtown “It's becoming a whole new option for Houstonians now to choose from, especially empty-nesters,” says Mandel, who lives across the street from the park.

“It was important for us to keep the roots of the refinery because that’s how the Sugar Land community really got its start,” Hernandez says.

The development boom poses new challenges for the park, specifically how to balance its daytime visitors who work in the area with those who live in the area and want to recreate after work.

The project will include nearly 270,000 square feet of retail and restaurants, some of which will be in the property’s historic Three-Bay Warehouse. The nearby Char House is set to become a 120-room Aloft Hotel, utilizing the historic building’s varying floor heights and

“How do we choose the kind of entertainment that we're bringing in? How do we control the sound, so it's not intrusive?” Mandel says, listing some of the questions park leaders are mulling. “Because of this new neighborhood around us that has bars and clubs that

stay open much later, the park is going to have to look at staying open much later.” That’s why, he says, lighting is a real focus right now “We’re going to need a much more well-lit environment to keep people safe - as is the addition of more restrooms. He says the Conservancy is also looking at what changes, if any, are needed to Discovery Green’s four corners. When the park was built, there wasn’t much development across the street. “We need to figure out how to open up those corners into this newly built neighborhood,” says Mandel.

CityCentre Perhaps one of the most iconic mixed-use developments in the Houston area, Midway’s CityCentre truly got its start in the early 1980s when the Town & Country Mall opened. Decades later as the mall’s popularity waned due to the construction of the nearby Memorial City Mall, the developers at Midway saw an opportunity. The company purchased the property in 2004 after making an unsolicited offer. A decision was eventually made to demolish all the existing buildings, replacing them with projects that often involved different capital partners, architects and contractors. CityCentre now includes five office buildings, three multi-family residential options, brownstones, two hotels, street-front restaurants and retail space, conference space, a cinema, a health/fitness facility and parking. What was a failing mall is now a bustling, 47-acre urban community.

The Post Oak at Uptown Houston When it comes to investing in his hometown, casino owner and Landry’s CEO Tilman Fertitta likes to double down, which is what he’s doing on the underconstruction Post Oak at Uptown Houston. Its website bills the 10-acre project as “the first vertical mixed-use, master-planned project in Houston combining hotel, office, residential, retail and restaurant offerings all in one tower.” Construction on the 38-story tower got started in 2015. When complete, it will encompass more than 680,000 square feet. The Post Oak’s hotel will feature 240 rooms and suites, which will range in size from 500 square feet up to the expansive, 4,000-square foot Chairman Suite, which will have its own elevator access, media room and terrace. Approximately 150,000 square feet of low-density, Class A commercial office space will also be available once The Post Oak is complete. Plans include high ceilings and access to 24-hour services such as catering and/or room service. A mix of 22 one- and two-bedroom apartments will allow tenants easy access to the Uptown area, with a bonus of full kitchens, five-fixture deluxe bathrooms and large walk-in closets. The pièce de résistance is what could be the largest ballroom in the Uptown area when construction is complete. A whopping 30,000 square feet in all, the multi-function area includes a 16,000-square foot main ballroom, 10,000 square feet of conference space and a second-level, 3,000-square-foot junior ballroom. It’s a “ballroom the likes of which Houston has never seen,” according to Raffael Scasserra, design principal at Gensler, which provided master-planning and architecture for the development. Continued on Page 20 >


< Continued from Page 19

IN THE WORKS: HOUSTON

Éilan

KM Realty snagged 146 acres just off Interstate 10 and Texas 146 in Baytown with the goal of building a grocery-anchored mixed-use development that would also include residential, hotel and entertainment options.

At San Antonio’s Éilan, Tuscany meets Texas in the form of a sprawling mixed-use development that includes homes, retail, office and a boutique hotel. Completed in 2012, Éilan is located on La Cantera Parkway. Éilan’s tagline is “Live. Work. Play.” but it also offers opportunities to shop, dine and stay. The development boasts 539 residential units spread out across seven buildings, each six stories tall. Its focal point, though, is the 10-story, 165-room Éilan Hotel & Spa. During your stay, you can also sample the locally sourced menu at Sustenio Restaurant & Bar or perhaps just hop on the trolley and explore Éilan’s 119 acres.

CENTRAL & WEST TEXAS The Pearl

What’s old is new again at The Pearl, a modern and industrial development that uses the remnants of San Antonio’s iconic Pearl Brewing Company to cultivate a unique mixed-use experience. Started in 1883, the brewery operated on 22 acres along the city’s famed river. It survived Prohibition with matriarch Emma Koehler leading the way, making ice, Near Beer and soda instead. Koehler’s strength of spirit is what inspired the property’s new owners (as of 2002) to name The Pearl’s 146-room boutique hotel in her honor. Hotel Emma, which opened in late 2015, is a throwback to the period when its building was born: the Victorian era. The hotel, though, is far from the only original building on site. “I think the idea of saving the buildings, renovating the buildings, restoring the historic spaces and bringing it back to being a vibrant and dynamic San Antonio neighborhood was an inspiration,” Elizabeth Fauerso, The Pearl’s chief marketing officer, told REDNews.

The development’s pastel stucco walls and clay roofs extend beyond the residential and hotel towers to the property’s two office buildings. The design isn’t just romantic, it’s also so environmentally friendly that Éilan is seeking Leadership in Energy & Environmental Design (LEED) certification.

The Domain “It’s a long, complicated story,” Endeavor Real Estate Group principal Ben Bufkin laughs when asked about the origins of one of Austin’s premiere mixed-use developments: The Domain. Along with some capital partners, Endeavor bought the property from IBM back in 1999. “We've been really the primary developer, involved in all the pieces,” Bufkin says.

ÉILAN HOTEL | COURTESY ÉILAN

The 57-acre first phase of The Domain, which was co-developed by Simon Property Group, opened in 2007. “It’s just a phenomenal location,” Bufkin says. “The great office and residential density help feed the retail, which has a regional draw as far as 150 miles out.”

The Pearl has made a name for itself as a foodie destination, featuring restaurants such as Cured and a weekly farmer’s market. In addition to great food, The Pearl features more than a dozen boutiques, all of which are locally owned. However, the piece of the development getting the most attention lately is The Cellars Apartments, 122 luxury units that feature arched ceilings, marble bathrooms and spacious balconies. Rent runs up to nearly $14,000.

Bufkin says Endeavor also just wrapped up the third and final phase, called Domain Northside. Anchored by Nordstrom and featuring a new concept from Restoration Hardware, the 600,000 square foot development includes the 173-room Archer Hotel Austin, a 125,000-square-foot office building and 563 apartment units. “It is the latest and greatest retail piece, but it also has residential, hotel and office above,” he explains, adding that it was a partnership with Northwood Investors. “We really blended best-in-class local retailers with best-in-class, first-to-market and emerging market national retailers. In a lot of these new-build, mixeduse projects, the tenant mix is usually very boutique in nature or it tends to be very national. Rarely, do you have one this size that has such a significant blend of both.”

Working on both projects, Bufkin says the biggest challenge is to make the development feel authentic and natural. “We’ve learned a lot of lessons over the years. You can see those implemented from Phase One to the most current phase. That's really important,” he says. “You have to ask: Where should the hotel fit? Where does office go? What’s underneath them? How does that all tie in to parking?” The process of answering those questions doesn’t necessarily end when a development is delivered to market. Because a mixed-use project functions like a living and breathing organism, it is constantly evolving. “You don't just build them and put them on the shelf; you build them, then you operate them,” says Bufkin. “Operating them and keeping them relevant with the local community takes a lot of elbow grease every single day. We wake up thinking, ‘How do we improve it and fit it into the fabric of Austin?’”

Lamar Union Built in the 1960s, a nine-acre strip mall sat along Austin’s South Lamar Boulevard for years. The prime real estate just south of downtown caught the eye of developer Greystar, who saw much more potential in the site. The company broke ground on the high-density retail and residential Lamar Union in 2012, putting the final construction touches on it in 2016. When it did, Greystar didn’t erase the property’s history entirely; it saved the Alama Drafthouse Cinema that had anchored the strip mall, renovated it and made it a destination again. The approach was the same with the iconic Highball Lounge. Greystar tapped BOKAPowell to assist with architecture, as well as master-planning of the development. Its three buildings are a modern take on a European town center featuring bright purple and yellow balconies set against gray walls. In addition to plenty of entertainment options, Lamar Union hosts several of Austin’s most high-profile restaurants, including VOX Table and Cantine, and 86,000 square feet of retail space. The development also offers more than 400 apartment homes in its upper floors.

Miradores at Shadow Mountain A Florida-based developer is aiming to bring highrise living to El Paso. The Meyers Group has proposed Miradores at Shadow Mountain, a two-tower project mixing homes, retail and eventually a hotel. The company currently owns four acres of property in West El Paso, which is where it wants to build its twin 20-story towers. Each would accommodate up to four spacious residences per floor. Living at the Miradores at Shadow Mountain would come with perks such as an infinity-edge swimming pool and outdoor entertaining areas. The towers would also add 12,000 square feet of retail space in the area.

IN THE WORKS: CENTRAL & WEST TEXAS Twenty-five minutes from downtown Austin in Lakeway, St. Croix Capital Realty Advisors is planning Gateway to Falconhead. It will include a retail campus of seven one- and two-story buildings, as well as a six-building office campus. Did we miss a development you think should have been on the list? Email us at digital@rednews.com with your ideas!


A N C H O R E D R E TA I L

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*UNRESTRICTED LAND *Only minutes from the Intercontienental airport at the intersection of Will Clyaton & I-59 *Numerous car dealerships within short distance as well as Deerbrook Mall *Next to Memorial Hermann


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Deed Restrictions and Airbnb BY TRAVIS L. HUEHLEFELD, ATTORNEY WILSON CRIBBS + GOREN

I. INTRODUCTION

The “sharing economy”, led by companies such as Uber and Airbnb, is in full force and continues to gain popularity.

Of particular interest in the real estate industry is short-term rental with companies such as Airbnb, Home Away and VBRO. These companies offer an online marketplace for people to lease or rent short-term lodging in houses, apartments, vacation homes and the like. Short-term rentals offer travelers an alternative to traditional sources of lodging, such as hotels. Shortterm rentals also offer property owners a way to generate extra income from their residence. The rise in popularity of Airbnb and its competitors has led many neighborhoods to confront the question of what to do about short-term rentals. This article discusses the various ways neighborhoods can address short-term rentals.

II. DEED RESTRICTIONS Neighborhoods with deed restrictions can address short-term rentals in a number of ways that best suit their distinct neighborhood. For instance, it may be the prerogative of some neighborhoods to encourage short-term rentals. On the other hand, a neighborhood may want to restrict or place regulations on short-term rentals. No matter which direction, deed restricted neighborhoods have an array of options in dealing with short-term rentals. Deed restrictions are private, contractual covenants, placed on the land by property owners. Such restrictions

26

July 2017

are often placed in a deed for a specific property. Alternatively, a developer of a subdivision may place deed restrictions on all the property within the subdivision before the first lot is even sold. With a few exceptions, the contents of deed restrictions can be broad. Neighborhoods, therefore, have latitude to address short-term rentals. A neighborhood seeking to address short-term rentals would likely need to amend their deed restrictions to do so. Amendments to deed restrictions usually require a specified percentage of property owners subject to the restrictions to consent to the amendment. A. Prohibition of Short-Term Rentals  simple approach to short-term rentals would be a A complete prohibition of short-term rentals. Although this may seem like an overreach on the part of a neighborhood, such prohibition would likely be permissible under Texas law.  ith the growing popularity of short-term rentals, W some neighborhoods have started to amend their deed restrictions to expressly prohibit short-term rentals. Typically, the prohibition would be placed in the “prohibited use” section of the deed restrictions. An important step to prohibit short-term rentals would be to define “short-term rentals” within the deed restrictions. The most common approach is defining short-term rentals as a rental of less than thirty days or one month. For instance, the following is from a neighborhood in Houston that is in the process of amending their deed restrictions to prohibit shortterm rentals: “single family residential use … prohibits … renting any part of the Residential Dwelling (including any accessory and outbuildings) on a Lot to others for less than one (1) month.”  complete prohibition approach may be attractive A to neighborhoods that already have deed restrictions in place that limit use to single-family only and otherwise prohibit multi-family use. An express prohibition of short-term rentals is a logical extension for such neighborhoods to maintain a close-knit single-family environment.


B. Short-Term Rentals Permitted  eighborhoods may also choose to permit short-term N rentals. Neighborhoods wanting to allow short-term rentals have two primary avenues for achieving such results. First would be expressly stating that short-term rentals are permitted. Deed restrictions generally have a “permitted use” section, which lists the permitted uses within the neighborhood. This section can be amended to include short-term rentals. A neighborhood, however, need not necessarily amend their deed restrictions to expressly permit short-term rentals. In many deed restrictions, short-term rentals are likely permitted through silence. Deed restrictions, which neither expressly prohibit nor expressly permit short-term rentals, likely, permit short-term rentals by default. Simply put, courts will not enforce restrictions that do not exist. It may be prudent, however, for neighborhoods desiring to allow short-term rentals to expressly state as such in their deed restrictions. At least two types of common restrictions may prohibit short-term rentals. Neighborhoods with “single-family use” only or “residential only” restrictions, while not expressly prohibiting or permitting short-term rentals, may in fact prohibit such use. An argument can be made that a restriction to “single-family” use only would prohibit short-term rentals. Single-family use is generally interpreted to mean a “nuclear family” or “extended family.” Guests staying at a short-term rental could violate this use because the guests are not part of the owner’s nuclear family or extended family. Another type of restriction that may prohibit short-term rentals through deed restriction is limiting the property to “residential” only. Arguably placing a residency on Airbnb could violate a residential only requirement because it may be seen as a commercial endeavor of the property owner.

T here are numerous ways a neighborhood could regulate short-term rentals. As a starting point, neighborhoods may apply different rules to owneroccupied short-term rentals (i.e., owner lives in the residence but leases a bedroom or outbuilding on the property on a short-term basis) and non-owneroccupied short-term rentals (i.e., an entire residency is rented on a short-term basis).  ne common restriction is occupancy limits. The O maximum number of allowable guests is usually tied to the square footage or number of bedrooms of the residency. Another common restriction is use restrictions. For instance, a neighborhood may prohibit certain types of assemblies (e.g., bachelor or bachelorette parties, weddings, family reunions, or the like) allowed to take place in the rental. A neighborhood may also place time restrictions on certain types of uses. For instance, the neighborhood may permit weddings at a residency, but only within a certain time window. Neighborhoods may also restrict where in the neighborhood short-term rentals are permitted. A neighborhood, for example, may permit short-term rentals only on streets that abut commercial areas or larger roads while prohibiting short-term rentals in the more interior parts of the neighborhood.

III. OTHER CONSIDERATIONS While neighborhoods are free to address shortterm rental in a number of ways, there are other considerations that may affect the ability to have shortterm rentals in a particular neighborhood. A. Zoning Ordinances

C. Regulating Short-Term Rentals

Short-term rentals are not addressed or regulated in many, if not most, zoning ordinances in Texas. If a zoning ordinance is silent on short-term rentals then, absent any other restriction, a property owner is free to lease their property on a short-term basis.

 eighborhoods can take a third approach and allow N short-term rentals subject to various restrictions. This approach would provide neighborhoods the opportunity to allow short-term rentals but subject to specific restrictions that best suit that particular neighborhood’s needs.

Several Texas cities, however, have amended their zoning ordinances to regulate short-term rentals. The City of Austin has the most expansive short-term rental regulations in Texas. Such ordinances generally impose various licenses and regulatory requirements, such as occupancy limits, general limitations on uses and

prohibited activities. Some ordinances provide that a conditional use permit must be obtained before short-term rentals are permitted. Other regulations include parking requirements, hotel occupancy tax registration, and annual fire safety inspection, among other requirements. B. Texas Legislation T his past legislative session, the Texas legislature attempted to preempt city zoning ordinances that regulate short-term rentals. Senate Bill 451, by Senator Kelly Hancock of North Richland Hills, would have prevented Texas cities from banning or regulating short-term rentals. The language was broad and limited the ability of cities to regulate only in limited situations (such as building codes or housing of sex offenders). The bill, however, expressly permitted neighborhoods to govern short-term rentals through their deed restrictions. The bill passed in the Senate but failed to make it out of the House. It is likely that more cities will continue to amend their zoning ordinances, which may prompt the legislature to revisit the bill in the next legislative session. C. Lease Agreements E ven if a neighborhood allows short-term rentals, renters face an additional hurdle when placing their residence on Airbnb that homeowners do not face. Unless the lease agreement provides otherwise, a tenant may not assign or sublet without the consent of the landlord. A tenant renting out their apartment on Airbnb would most likely constitute a sublease, thus requiring landlord consent. So even if a neighborhood permits short-term rentals, a tenant may need to seek the additional consent of the landlord.

CONCLUSION As short-term rentals continue to grow in popularity, neighborhoods with deed restrictions have the ability to govern to what extent shortterm rentals are permissible. Neighborhoods that are successful in rallying the required property owner approval to amend their deed restrictions will have a number of creative ways to regulate short-term rentals which best suits that neighborhood's distinct characteristics.


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SCOOP The following pages contain a calendar of Texas CRE events, networking photos, and deals/announcements. For more updates, log on to REDNews.com

JULY FEATURE: BERKADIA DISPLAYS THEIR “WOW” FACTOR

Central South Texas

North Texas

Southeast Texas


CENTRAL SOUTH TEXAS

July MONDAY

TUESDAY 3

10

WEDNESDAY 4

THURSDAY 5

* CREW Austin: Community Outreach Committee – 11:30 AM

11

CREW San Antonio: Luncheon- 11:30 AM – 1:00 PM CRE Organizations: 1st annual Mega Mixer4:00 PM – 7:00 PM

CCIM: Development Course-7:00 AM – 6:00 PM

12

FRIDAY

13

Table- 3:00 PM – 7:00 PM

CTCAR: Property Information Exchange - 7:30 AM -9:00 AM

* IREM San Antonio: Board & Committee Chair Meeting- 1:15 PM – 2:30 PM

IREM San Antonio: Latest On The Lone Star Development-11:30 AM-1:00 PM

18

* BOMA San Antonio: Board Meeting – 11:45 AM – 1:00 PM

19

* IREM Austin: Monthly Board Meeting-11:30 AM– 1:00 PM

* BOMA Austin: Monthly Membership Luncheon- 11:30 AM – 1:15 PM

7

6

*B  OMA Austin: Committee Round

ULI San Antonio: MultiOrganizational Mixer4:00 PM – 7:00 PM

CREW Austin: Networking Luncheon11:30 AM – 1:00 PM

* CREW Austin: Special Events Committee11:30 AM

C  CIM: Development Course7:00 AM – 6:00 PM

IREM Austin: July 11th Chapter Luncheon-11:30 AM – 1:00 PM

17

RECA reca.org RECSA: recsanantonio.com/ RETAIL LIVE: retaillive.com TABB AUSTIN: tabb.org/austin_chapter.php TABB SAN ANTONIO: tabb.org/san_ antonio_chapter.php ULI AUSTIN: austin.uli.org ULI SAN ANTONIO: sanantonio.uli.org

BOMA AUSTIN: bomaaustin.org/ BOMA SAN ANTONIO: bomasanantonio.org CBA: cbaaustin.org/ CCIM CENTRAL TEXAS: ccimtexas.com CREW AUSTIN: crewaustin.org CREW SAN ANTONIO: crew-sanantonio.org CTCAR: ctcaronline.com IREM AUSTIN: iremaustin.org IREM SAN ANTONIO: iremsanantonio.org

CCIM: Development Course7:00 AM – 6:00 PM

14

BOMA Austin: BOMI Ethics is Good Business Short Course8:00 AM - 5:00 PM SATURDAY CCIM: Development Course7:00 AM – 6:00 PM

21

20

* CREW Austin: Community Outreach Committee11:30 AM TABB: Austin Chapter Meeting-11:30 AM – 1:00 PM

24

25

*B  OMA San Antonio: Lunch & Learn Tour @ Bank of America 11:30 AM – 1:30 PM

* CREW Austin: Membership Committee-11:30 AM

26

C  REW San Antonio: Movie Mixer 6:00 PM – 9:30 PM

* CREW San Antonio: CREW Network Board Hosted Call-1:00 PM-2:00 PM

*B  OMA San Antonio: Community Service Committee - 11:45 AM

CTCAR: Community Event @Ronald McDonald House-11:00 AM – 1:00 PM

U  LI San Antonio: FY18 Mentorship Mixer 5:30 PM – 7:30 PM

TABB: San Antonio Chapter Meeting: 11:30 AM-1:00 PM

C  CIM/CTCAR: Joint Luncheon 11:30 AM – 1:00 PM

ULI Austin: Monthly Breakfast Series-7:30 AM-9:00 AM

27

28

31

32

July 2017

*Members Only

The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.


CBA AUSTIN

CENTRAL SOUTH TEXAS

CBA Mid-Year Panel event at Zilker Taproom

June

SOCIAL

BOMA AUSTIN

Spring Work Day at Community First! Village L to R:J.D. Lewis, Carolyn Schwarz, Laura Nettleton, Jayme Nelson, Bo Beacham

L to R: Barret Lepore, Branigan Mulcahy, Travis Dunaway, Doug Rauls

IREM SAN ANTONIO

The Downtown San Antonio Up-Date

CTCAR-CCIM L to R: Laura Gilliland, Lyndsay Walbran, Bond Pemberton

L to R: Rachel Brehm, Eddie Romero

Dick Zucker

Jason Hall

May 3rd CCIM Investors Alliance at the CTCAR Professional Series

Diana Zuniga

CREW SAN ANTONIO May Luncheon

L to R: Jenna Stoeltje, Ashley Blocker

L to R: Anne Krause, Brandey Wimberley-Orsag, Andres Andujar

L to R: Eva Osborne, Maitlyn Youngblood, Virginia Santiago


BOMA DALLAS: bomadallas.org BOMA FORT WORTH: bomafortworth.org CCIM NORTH TEXAS: ccimconnect.com/ CORENET NORTH TEXAS: northtexas.corenetglobal.org CREW DALLAS: crew-dallas.org CREW FORT WORTH: crewfw.org GFW AR: gfwar.org IREM DALLAS: irem-dallas.org IREM FORT WORTH: fortworthirem.org

NORTH TEXAS

July

MONDAY

TUESDAY 3

WEDNESDAY 4

Fort Worth: * BOMA  Social Activities

THURSDAY

Dallas: * CREW  Membership Committee

Committee Meeting – 3:00 PM-4:00 PM

LADIES IN CRE: ladiesincre.com NAIOP: northtexasnaiop.com NTCAR: ntcar.org SCR GFW: gfwar.org/home-top-commercial.html TABB DALLAS/FORT WORTH: tabb.org/dallas_ ft_worth_chapter.php TREC DALLAS: recouncil.com REC GFW: recouncilgfw.com ULI NORTH TEXAS: northtexas.uli.org

5

Meeting-12:00 PM-1:00 PM

FRIDAY 6

Dallas: Board * CREW  Meeting-11:30 AM-1:00 PM

7

Dallas: * CREW  Committee Meeting-11:30 AM-1:00 PM

REW Fort Worth: * CTreasury Committee

Meeting-1:00 PM-1:30 PM

B  OMA Dallas: TOBY Call for Entries this month

*

10

CREW Dallas:  Sponsorship Committee Meeting-11:30 AM-1:00 PM

11

* CREW Dallas:  Groundbreakers Committee Meeting-12:00 PM-1:00 PM

12

* ULI:  YL Executive Meeting- 7:30 AM

Event-4:30 PM-6:30 PM

* CREW Fort Worth: Communications/PR Committee Meeting-10:00 AM – 10:30 AM

Fort Worth: * CREW  Membership Committee

17

24

Committee Meeting-12:00 PM-1:00 PM

18

19

CCIM: Addison Conference Center (Instructors: Joe Fisher & Robin Dyche) – 8:30 AM

BOMA Dallas: July Luncheon11:00 AM-1:00 PM

CREW Dallas: July Industry Luncheon -11:30 AM-1:00 PM

BOMA Dallas: New Member Orientation – 10:30 AM – 11:00 AM

CCIM: Class Happy Hour 5:30 PM – 7:00 PM

25

Meeting-12:00 PM -1:00 PM

Dallas: New * CREW  Member Orientation-5:30 PM-6:30 PM

ULI: Membership * Committee-8:00 AM

* ULI:  Communications Committee-8:30 AM

PM

CCIM: Addison Conference Center (Instructors: Joe Fisher & Robin Dyche) – 8:30 AM

Dallas: * CREW  Careers Committee

14

* ULI:  DFW IFMA: Awards Banquet-5:30 PM – 7:30

ULI: Breakfast Forum at Park City Club-7:30 AM – 9:15 AM

Dallas: * CREW  Member Services

U  LI: YL Networking Coffee-7:30 AM

Meeting - 12:00 PM

* C  REW Fort Worth: Programs Committee Meeting-11:45 AM – 1:00 PM * U  LI: Programs Committee8:00 AM

CCIM: Addison Conference Center (Instructors: Joe Fisher & Robin Dyche) – 8:30 AM

13

Fort Worth: * BOMA  Allied Appreciation

20

C  CIM: Addison Conference Center (Instructors: Joe Fisher & Robin Dyche) – 8:30 AM Fort Worth: CSC * BOMA  Meeting-11:30 AM-12:30 PM G  FWAR: Outreach Happy Hour: Azle- 4:00 PM – 6:00 PM

26

BOMA Dallas: Allied Council “Meet the Team Panel”11:30 AM – 1:30 PM ULI: Ft. Worth Summer Sizzler-5:30 PM – 7:30 PM

Dallas: * CREW 

Meeting-12:00 PM – 1:00 PM

ULI: Management Committee * Meeting10:30 AM Advisory Board Meeting* ULI:  11:30 AM C  CIM: Development Feasibility Analysis (Instructor: Joe Fisher) 9:00 AM – 5:00 PM

U  LI: DFW Developers Showcase - 5:30 PM – 7:30 PM

BOMA Fort Worth: Building Amenities Seminar – 8:00 AM – 10:00 AM

21

REW Dallas: * CMarketing & Communications

27

Golf Classic Committee Meeting-12:00 PM-1:00 PM

28

T  ABB: Dallas/Ft. Worth Chapter-11:30 AM - 1:00 PM U  LI: YL Fundraising Happy Hour- 5:30 PM – 7:30 PM Dallas: Board of * BOMA 

Directors Meeting – 11:30 AM – 1:00 PM.

31

34

July 2017

* Members Only

The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.


NTCCIM 4th Annual Topgolf Competition

NORTH TEXAS

June

L to R: Michael Johnson, Bobby Apple, Denny Lindsay, John McClure, Ben Deal, Jonathan Ferrell

SOCIAL

L to R: Kyle Christmon, Collin, Flynn, David Arledge, Jim Hancock, Brent Walker, Matthew Timcho

TREC DALLAS

The Real Estate Council Fight Night XXIX: HAVANA KNOCKOUT EVENT

L to R: George Billingsley, Lucy Billingsley, Sumner Billingsley, Lucy Burns, Lindsay Billingsley, Tom Burns, Henry Billingsley, Greg Kraus

L to R: Seth Parker, Suzanne Jones, Steve Whitehead, Lisa Hurd, Paul Brighton

L to R: Lindsay Carroll, Vicki Summerall, MaryBeth Shapiro, Brandi Wick

LADIES IN CRE

IREM FT WORTH

Liz Trocchio Smith

Kickball Tournament Benefiting The Boys & Girls Clubs of Fort Worth

BOMA DALLAS

CREW DALLAS

Stiletto Network

Kickin' It For Kids

Dallas Groundbreakers

Trade Show Winners

Winner Under 200 Square Feet- Best Theme Green Roofing & Construction

Winner Over 200 Square Feet- Best Theme Balcones Recycling


ACRP: acrp.org BACREN: bacren.us BOMA HOUSTON: houstonboma.org CCIM HOUSTON: ccimhouston.org CETA: cetalliance.com CORENET HOUSTON: houston.corenetglobal.org C.R.E.A.M.: creamtx.com CREN: crengulfcoast.com CREW HOUSTON: crewhouston.org FBSCR: fbscr.com

SOUTHEAST TEXAS

July

MONDAY

TUESDAY

WEDNESDAY 4

3

GREATER HOUSTON PARTNERSHIP: houston.org HAA HOUSTON: haaonline.org HRBC: houstonrealty.org HREC: houstonrealestatecouncil.org IREM HOUSTON: iremhouston.org NAIOP: naiophouston.org O'CONNOR & ASSOCIATES: poconnor.com SIOR: sior.com TABB HOUSTON: tabb.org/houston_chapter.php ULI HOUSTON: houston.uli.org

THURSDAY 5

HAA: New Supplier Member Orientation – 3:00 PM – 4:00 PM

FRIDAY 6

CREN: Luncheon11:00 AM – 1:00 PM

7

HAA: Ambassador ONE Society Meeting – 4:00 PM – 5:30 PM

10

11

HAA: IROP (six-week program)-6:00 PM – 9:00 PM

12

C.R.E.A.M:Luncheon11:00 AM –1:00 PM

CCIM: Luncheon11:30 AM – 1:00 PM

13

HAA: Resident Relations Committee B Mtg.2:00 PM – 4:00 PM

HAA: Leasing 101-(Day and a half) – 8:30 AM- 4:00 PM GHP: HYPE networking with a purpose “Houston Summer Interns”-5:30 PM-7:30 PM

HAA: 2017 Bowling Tournament- 12:00 PM – 5:00 PM

14

HAA: Kiss My Apartment 3:00 PM

GHP: Councils “Houston Economy”- 11:30 AM-1:00 PM

*B  OMA: Managing the

17

Organization – BOMI Course – 8:00 AM-5:00 PM

24

18

*B  OMA: Managing the

Organization – BOMI Course – 8:00 AM-5:00 PM

*B  OMA: Managing the

19

Organization – BOMI Course – 8:00 AM-5:00 PM

GHP: Councils “Energy” – 11:30 AM-1:00 PM

HAA: Advanced Microsoft Excel-8:30 AM-12:00 PM

HAA: APPLE: Leadership II8:30 AM-12:00 PM

HAA: Board of Directors Meeting - 4:30 PM – 6:00 PM

FBSCR: Monthly Breakfast Meeting – 7:45 AM – 9:00 AM

O'CONNOR & ASSOCIATES: Apartment Forecast 11:30 PM – 1:00 PM

GHP: Councils “Health Care”- 12:00 PM – 1:00 PM

25

BOMA Houston: Building Amenities Seminar - 8:00 AM – 10:00 AM

26

HAA: Inspiration & Accountability - 2:00 PM – 3:00 PM

*B  OMA: Managing the Organization – BOMI Course – 8:00 AM-5:00 PM

20

H  RBC: Breakfast-7:00 AM – 9:00 PM B  ACREN: Monthly Luncheon-10:30 AM – 1:00 PM H  AA: Extreme CAM (Six Days) – 8:30 AM – 5:00 PM H  AA: Extreme CAS Course - Summer – 11:00 AM-5:00 PM H  AA: Go Getters Meeting - 3:30 PM – 5:30 PM

TABB: Houston Chapter-11:30 AM – 1:00 PM

27

21

CREN: Marketing Session-7:30 AM

GHP: Business Development-8:15 AM – 10:00 AM

28

HAA: Extreme CAM Course8:30 AM – 5:00 PM ACRP/SIOR: Breakfast7:00 AM – 8:45 AM CREN: Happy Hour-4:30 PM

31

36

July 2017

* Members Only

The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.


SOUTHEAST TEXAS

CCIM LUNCHEON

June L to R: Diane Garrett, Patti Davis, Martin Luk, Justin Jones

SOCIAL

L to R: Mary Kenner, Ray Hankamer

CREN LUNCHEON

Featuring Mark Witcher, Weingarten Realty

L to R: Angelina Hsieh, Debbie Sheets, Samantha S.D. Walter, Brenda Sosa, Courtney Lavender, Jessica Inman

L to R: Steven Stone, Jason Nybakken

IREM HOUSTON

CREAM LUNCHEON

Book drive and fundraiser to benefit Yellowstone Academy

June 14th

L to R: Sonja McCain, Matt Bottorff, Jeff Pokorny, Greg Usher

L to R: Doug Anders, Missy Collura, Brad Agee, Robert (Bob) Watson

ACRP

HAA

2nd ANNUAL ACRP INSHORE INVITATIONAL

HOUSTON APARTMENT ASSOCIATION

Jeff Hall and the Houston Apartment Association staff

Blaire Moreland, Allison Anderson, Diane Totten, Nicole Foster

L to R: Jackie Rhone, Jeff Hall, TAA President Dave Marcinkowski

L to R: Will Mullins, Brian Tierney, Tim Sommers, Roland Vasquez, Matt Jones


CENTRAL SOUTH TEXAS bulletin

AUSTIN, TX CREATIVE OFFICE DEVELOPMENT Daryl Kunik of Central Austin Management Group is building Springdale General, a 165,000 sf project near Springdale Road & Airport Blvd. The 10-acre site will include nonprofit tenants as well as a mix of creative companies & individuals. Upon completion the development will include 15 buildings interconnected by walkways & placemaking elements. CREATIVE OFFICE REDEVELOPMENT Manish Patel is redeveloping the 8500 sf, former Pet Relocation offices, at 612 Brazos into The Refinery, a creative office & venue project. The space will be occupied by The Refinery LLC.

SAN ANTONIO, TX DISTRIBUTION FACILITY DEVELOPMENT TJX Companies, Inc, Massachusetts-based parent of T.J. Maxx & Marshalls is planning to build a $150 million distribution center bounded by Loop 410, Goeth Road, San Antonio River & US 281. The company was given a tax incentive package by the city of San Antonio & plans to create 1000 jobs over five years.

Chris McColpin has joined HFF as a director focused on debt & equity.

J.B. Goodwin has been named the presiding officer of the Texas Department of Housing & Community Affairs by Governor Greg Abbott.

HOTEL DEVELOPMENT The Arrive Hotel, a five story, 83-room boutique hotel will be constructed at East Sixth & Chicon streets. Element by Westin hotel is planned for 10728 Burnet Road & Zenith Hospitality LLC is building a $11.25 million, Aloft hotel near the Austin-Bergstrom International Airport. HOTEL DEVELOPMENT The Commodore Perry Estate at East 41st & Red River streets will be redeveloped into a 53-units boutique hotel & is scheduled to open mid-2019. INDUSTRIAL DEVELOPMENT Ridge, the industrial development branch of Transwestern Development Company, has started construction on a 351,171 sf project in Southpark Commerce Center located near I35 & SH 71. The project will include three buildings & is projected for completion fourth quarter 2017. INDUSTRIAL LEASE DuraServ Corp leased 16,000 sf at 6231 E. Stassney Lane. John Barksdale with CBRE represented the landlord & Chris Caudill & Troy Martin of NAI Partners represented the tenant. INDUSTRIAL SALE Marquee Investments LLC purchased a 10,000 sf building & a 36,390 sf building at 11020 & 11110 Bluff Bend Drive from KKL Realty Ltd. Nick Nelson with Longbow Real Estate Group handled the transaction. MEDICAL DEVELOPMENT Houston-based Texas Children’s Hospital is expanding to Austin within the next five years with the development of 18 primary care pediatric practices, four pediatric

38

July 2017

urgent care centers, three pediatric specialty clinics & two maternal-fetal practices. The first urgent care center is scheduled to open spring 2018. MULTI-FAMILY SALE LivCor LLC, a Chicago, IL-based asset management company & an affiliate of Blackstone Real Estate Advisors & IMT Capital LLC purchased 2,044 Austin apartment units which are located along Riata Trace Parkway & include eight buildings. OFFICE CONSTRUCTION The American Association of Nurse Practitioners purchased a 4.2 acre tract at West William Cannon Drive & SH 71 for the construction of a 34,000 sf office. Cadence Development had planned to build & occupy the site; however, sold it instead. Marshall Durrett with Cushman & Wakefield represented the seller & Hale Umstattd of Transwestern represented the buyer. RETAIL RE-DEVELOPMENT Austin Community College owns the 81-acre Highland Mall site in North Central Dallas & has been working with RedLeaf Properties LLC to revitalize it. RedLeaf & Dallas-based Greystar Real Estate Partners are working on a new apartment project which will include 300 units & 5000 sf of retail space called Elan Parkside. Plans for the old Dillard’s store is still undetermined. RETAIL LEASE Gold’s Gym leased 38,000 sf at South Congress Station located at 8900 S. Congress Avenue. David Simmonds & Dave Burggraaf with Retail Solutions represented the landlord & Daren Nix of Edge Realty Partners & Daniel Taylor with CBRE Group Inc. represented the tenant. RETAIL SALE Washington Prime Group Inc & O’Connor Mall Partners LP, an affiliate of O’Connor Capital Partners, purchased three retail properties in northwest Austin including The Arboretum at 10000 Research Blvd, Gateway Market at 9607 Research Blvd & The Shops at Arbor Walk at 10515 N. MoPac Expressway. The group also purchased an additional three properties in Oklahoma City, Ann Arbor, Michigan & McAllen, Texas. SELF-STORAGE SALE Emerywille, CA-based Devon Self Storage purchased the 447-unit South Congress Storage located at 8008 S. Congress Avenue. Bill Bellomy, Michael Johnson & John Arnold represented the buyer & the seller which was a private California trust.

VACANT LAND SALE Urban Rio LLC sold a 7.5 acre tract at 6507 E. Riverside Drive to an Austin development group. Nick Nelson & Jim Young with Longbow Real Estate represented the seller & Tom Mercer with JTM Development represented the buyer.

KYLE, TX MASTER-PLANNED COMMUNITY DEVELOPMENT Allegiant Realty Partners, in a joint venture with Siepiela Interests LLC & Taylor Duncan Interests LLC, is developing a 445-acre master-planned community which will include 1500 homes upon completion. Phase I is currently underway & is projected to deliver 226 homes.

PFLUGERVILLE, TX CAMPUS DEVELOPMENT Floor Services Southwest, a subsidiary of Dallas-based FS Builder Resources, is building a $20 million campus at I30 Commerce Center located on Impact Way near E. Pecan St. & SH I30. Phase I will include an 187,000 sf facility with office space, warehouse & a design/lighting gallery. The second phase will include a 73,000 sf stone countertop fabrication facility.

PHARR, TX DISTRIBUTION FACILITY DEVELOPMENT Index Fresh, an avocado distribution company, is constructing a 60,000 sf distribution center in Pharr, Texas. The Pharr facility will be specifically for business out of Mexico & will deliver avocados across the country. The facility is scheduled to open November 2017.

SAN ANTONIO, TX MULTI-FAMILY DEVELOPMENT Oden Hughes & its development partner, Desarrollos Delta, are constructing a 308-unit project at 19327 Talavera Ridge. It is scheduled to open mid-2018. MULTI-FAMILY DEVELOPMENT Dallas-based Encore Enterprises is constructing a 330-unit project near S. Flores St. & Cesar Chavez Blvd which will include 5000 sf of retail space & a parking garage. Completion is scheduled for December 2018. UNIVERSITY DEVELOPMENT The University of Texas at San Antonio is constructing a new 175,000 sf, $95 million science & engineering building which will be the largest construction project in the university’s history.


DALLAS, TX OFFICE LEASE Lee Roy Jordan Redwood Lumber Company leased 38,000 sf at 10705 Newkirk Strret. Jason Moser with Stream Realty Partners represented the tenant & Cushman & Wakefield represented the landlord, Sudbury 10705 LLC. OFFICE LEASE Dallas-based employer services provider, BenefitMall, leased 42,989 sf at Hidden Grove at 12404 Park Central. The building was recently renovated after being acquired by Red River Asset Management in 2013. OFFICE LEASE Brinker International Inc , the company behind Chili’s & Maggiano’s is relocating to a build-to-suit office building along North Lake at The Sound in Cypress Waters when it is completed spring 2019. They will be selling their 110,000 sf building located at 6820 LBJ Freeway. OFFICE SALE Apex Pacific Partners purchased Parkway Office Center at 14180 North Dallas Parkway from KBS Realty. The complex includes two, nine-story office buildings totaling 229,466 sf. CBRE represented the seller.

EL PASO, TX ENTERTAINMENT DEVELOPMENT Dallas-based Cinergy Entertainment Group & an El Paso developer are constructing two entertainment centers in El Paso. One will be a 90,000 sf complex located in West El Paso located at the Franklin Galleria shopping center & the other is located at the proposed 240-acre Plaza del Ray on the east side.

FORT WORTH, TX HOTEL SALE Austin-based Summit Hotel Properties is buying five hotels from Xenia Hotels & Resorts Inc for $163 million. The properties are in Fort Worth, Pittsburg, Kansas City & Baltimore for a total of 812 rooms including Courtyard Fort Worth Downtown/Blackstone with 203 rooms. INDUSTRIAL LEASE S&S Activewear LLC has leased 493,000 sf at 35/820 @ Mercantile Center which is being developed by Hunt Southwest. S&S plans to begin operations by the end of 2017. INDUSTRIAL LEASE Red Bull Distribution Company leased 32,610 sf at Parc NorthBuilding 3 at 2751 Northern Cross Blvd. Seth Koschak & Forrest Cook with Stream Realty Partners

represented the landlord, EastGroup Properties & Cushman & Wakefield represented the tenant. INDUSTRIAL SALE Wilson & Stonaker LLC purchased Northbrook Business Center, a 334,082 sf business park located at the northeast corner of Loop 820 & Blue Mound Road. Jeff Givens & Sarah LanCarte of Transwestern represented the seller. OFFICE SALE TPBJ Joint Venture, LP sold a 30,699 SF building at 1100 Macon Street to Crawford & Crawford Inc. David Walters with CBRE represented the seller & Blake Lloyd with CBRE represented the buyer.

GARLAND, TX INDUSTRIAL LEASE The Kraft Heinz Company leased 260,959 sf at 2600 McCree Road which includes 90,000 sf of cold storage. The landlord, Westmount, was represented by Kevin Kelly with CBRE & the tenant was represented by David Sours with CBRE.

GRAPEVINE, TX INDUSTRIAL DEVELOPMENT DCT Industrial Trust Inc purchased a 12.88 acre tract adjacent to the Amazon distribution hub located east of Enchanted Way & Bass Pro for the construction of a two building, 194,000 sf industrial project

HUTTO, TX RETAIL/OFFICE DEVELOPMENT Hutto City Council has chosen a private investor to develop a 250,000 sf retail/office project called Gin at the Co-Op which will be built on 25 acres of land owned by the city just west of downtown & north of Hw 79. Construction should commence early in 2018.

IRVING, TX INDUSTRIAL SALE Gretzinger Investment Group LLC purchased the 103,054 sf Las Colinas Distribution Center 4 & 5 from a North Texas family trust. The buildings are located at 3241-50 N. Skyway Circle & 3241-51 W. Story Road. Bradford Commercial Real Estate Services represented the seller & Younger Partners represented the buyer. OFFICE LEASE Medieval Times is relocating its headquarters to 15,377 sf at Riverside Commons at 5020 Riverside. Kimarie Ankenbrand & Alan Wood of JLL represented the tenant & Trey Smith & Johnny Johnson with Cushman & Wakefield represented the landlord, Brookfield Property Group.

LANCASTER, TX

INDUSTRIAL LEASE Mars Petcare Us, Inc. has expanded their lease at 3500 North Houston School Road to 393,899 sf. Kacy Jones with CBRE represented the landlord & Dan Cook & Mark Becker with Cushman & Wakefield represented the tenant.

NORTH TEXAS

bulletin

LEWISVILLE, TX

INDUSTRIAL DEVELOPMENT ML Realty Partners is developing a 121,000 sf industrial facility on Business Highway 121 within close proximity to West Legacy in Plano & the $5B Miles in Frisco. It will be available for occupancy spring 2018.

MANSFIELD, TX

BUSINESS PARK/SELF STORAGE DEVELOPMENT Two unrelated buyers have purchased property along US Hwy 287 for the development of a self storage building totaling 216,723 sf on 5.3 acres & a light industrial development on 35.5 acres adjacent to the self storage facility.

PLANO, TX

OFFICE LEASE Common Desk, Bowman & Brooke, Award Solutions Inc, Huckabee & Associates & RightPoint Consulting have leased almost 170,000 sf in Granite Park Five Tower located near the southeast corner of the Dallas North Tollway & SH 121. The building was recently developed by Granite Properties & is 87% leased.

SHERMAN, TX DATA CENTER DEVELOPMENT The Sherman Economic Development Corp & Thea Development LLC are developing Cassini Gateway, which will be able to accommodate over 1,000,000 sf of data center space. The campus will be housed within the 3,300 acre Progress Park development & is expected to be in excess of a $1 billion development.

RICHARDSON, TX

OFFICE CAMPUS EXPANSION The University of Texas at Dallas’ UT Design program leased 169,236 sf of office space at Synergy Park at 3000 Waterview Parkway for the purpose of creating a design studio for its senior engineering students.

Randy Baird has joined CBRE as executive vice president and Dallas leader of the firm’s National Partners Industrial specialty group.

WACO, TX

MIXED-USE DEVELOPMENT The Stainback Organization purchased 200 acres of a 250-acre tract at the northeast corner of Loop 340 & I35 for the development of a 140,800 sf retail anchor, a 36,400 sf movie theater, three 50,000 sf office complexes, a 36,000 sf fitness complex, a 136,000 sf retailer & a hotel/convention complex.

Jack Fraker has been promoted to managing director of CBRE’s global industrial & logistics division.

WYLIE, TX

COLLEGE CAMPUS DEVELOPMENT Collin College has assembled acreage totaling 101 acres for college campus development at SH 78 & FM 544. The Wylie campus will serve 7,500 students in three buildings totaling 360,000 sf with a proposed 2020 opening. Tom Grunnah with Younger Partners assisted Collin College in the acquisitions. July 2017

39


SOUTHEAST TEXAS bulletin

HOUSTON, TX COMMERCIAL PROPERTY SALE The Midtown block bordered by Webster, LaBranch, Crawford & Hadley streets sold for an undisclosed amount to Group1, an auto dealership. Improvements on the property included Music World Entertainment & The House of Dereon Medic Center & also includes the historic estate known as the Rice Mansion.

DESTINATION OFFICE LEASE Uber Technologies Inc has signed a first-of-its-kind agreement as a go-to destination for Uber riders & drivers DIRECTOR at the Esperson Building located at 808 Travis in downtown Houston. The landlord, Cameron Management, has offered more than $10,000 to a tenant in the building who promotes alternate transportation to its employees.

ARNIE ALTSULER MANAGING Commercial & Investment 281/236-7777 aka@altsuler.com Real Estate

ARNIE ALTSULER

COMMERCIAL & INVESTMENT REAL ESTATE FARMERS MARKET SALE PURCHASER & TENANT REPRESENTATION Houston-based MLB Capital Partners MANAGING DISPOSITION, DIRECTOR DEVELOPMENT ACQUISITION,

MIXED-USE DEVELOPMENT Parkway Lakes Development Inc, in conjunction with Wulfe & Company, is building District West which will construct about 500,000 sf of retail, restaurant, office, health care & hotel developments on 100 acres close to the Westpark Tollway & the Grand Parkway. Phase One will encompass 125,000 sf & construction should be completed in fall 2018. MULTI-FAMILY SALE Houston-based River Oaks Equity Partners sold Victoria Apartments, a 46unit, 27,500 sf project located at 13932 Victoria Street to an undisclosed buyer. OFFICE LEASE Pittsburg-based L.B. Foster Company leased more than 6,000 sf at 5555 San Felipe. CBRE Global Investors purchased the 1.2 million sf building from Hanover Real Estate in 2013. Michael Hill of Michael Hill Properties represented the tenant.

ARNIE ALTSULER purchased a controlling interest in

MANAGING DIRECTOR Farmers Marketing Association of HOW MAY I HELP YOU? Woodland-based Western Gas Partners

SEEKING EXPERIENCED

Houston which includes the farmers market located at 2520 Airline Road. Todd Mason with MLB indicated that plans for the property include bringing more retail & food-service tenants to the market.

Professional Agents 281/236-7777

aka@altsuler.com

Each office is independently owned and operated.

ARNIE ALTSULER Rewarding Commission Splits HOTEL REDEVELOPMENT MANAGING DIRECTOR for High Production Nick Patel of Pride Management Inc will COMMERCIAL & INVESTMENT REAL ESTATE

redevelop the 1948-vintage, 16-story PURCHASER & TENANT REPRESENTATION office building located at 1114 Texas 281/236-7777 Street into a Hyatt Place hotel. The ACQUISITION, DISPOSITION, DEVELOPMENT 281-236-7777

aka@altsuler.com HOW MAY I HELP YOU? aka@altsuler.com

154-room hotel will open in December 2018.

ERCIAL & INVESTMENT REAL ESTATE HASER & TENANT REPRESENTATION ITION, DISPOSITION, DEVELOPMENT

HOW MAY I HELP YOU?

INDUSTRIAL LEASE Oceaneering leased 69,569 sf at 10600 W. Sam Houston Parkway from WELCOME Group. Ryan Wasaff & Brad Berry at Welcome Realty Advisors represented the landlord & Graham Each office is independently owned and operated. Horton & Gray Gilbert with CBRE represented the tenant.

Each office is independently owned and operated.

HOUSTON

Justin Kaplan has joined Riverway Title as Vice President of Business Development.

40

July 2017

INDUSTRIAL LEASE JGB Enterprises, Inc leased 33,280 sf at 619 E. Sam Houston Pkwy South. David Munson & Wes Williams of Boyd Commercial represented the tenant & Holden Rushing & John Simons of NAI Partners represented the landlord. INDUSTRIAL LEASE Houston-based Furrinno, a ready-toassemble furniture company, leased 50,400 sf in Apex Distribution Center located at Brittmoore & Tanner Roads in northwest Houston. David Boyd, Greg Barra & Wes Williams of Boyd Commercial represented the landlord & Richard Chen of Richard’s Investments represented the tenant. INDUSTRIAL SALE MenMar Properties, LLC purchased a 21,000 sf office-warehouse at 4202 Telephone Road from City Office Supply. A Fiesta Beverage Mart storage & retail facility will occupy the building. The buyer was represented by Bill Schneidau & the seller was represented by Barrett Von Blon of Davis Commercial.

OFFICE LEASE

LP has leased 8,800 sf at 609 Main, Hines new 1,050,000 sf office tower. The tenant is moving its satellite office from 811 Main to 609 Main.

RESTAURANT/RETAIL DEVELOPMENT The historic Heights waterworks site is being purchased by Braun Enterprises from Alliance Residential . Plans for the property include four freestanding restaurants, a new 5,000 sf retail building & a lawn area. The property is located at the northwest & southeast corners of W.20th & Nicholson. A historic, 750,000-gallon brick reservoir building is located on the property. SELF-STORAGE CONSTRUCITON Big Tex Storage is developing a 100,000 sf self storage facility at 3480 Ella Blvd which is projected to open June 2018. The facility is being built on a lot adjacent to Ella Plaza retail center. STUDENT HOUSING SALE Arrimus Capital purchased Campus Vue, a 465-bed Class A student housing property adjacent to the University of Houston. The property includes 145 units in two 5-story buildings. The buyer has purchased more than $100 million in student housing properties since February 2017. VACANT LAND SALE Johnson Development Corp purchased a 1,619 acre tract located southwest of US 290 & Katy-Hockley Road for the development of a new masterplanned community. Houston-based Rockspring Capital sold the property. Chris Hutcheson, Matthew Herring & James Kadlick of McAlister Real Estate represented the seller.

LEAGUE CITY, TX VACANT LAND SALE Victoria Libertatis LLC purchased a 54,257 sf site at the southeast corner of Hwy 96 & FM 270 from Big Diamond LLC. The property will be utilized for the

construction of an Express Oil & Tire Engineers facility. Mark Davis of Davis Commercial represented the seller & Greg Slusky of Sluco Realty Services represented the buyer.

PASADENA, TX INDUSTRIAL LEASE Houston-based Kuraray America Inc leased 465,851 sf at Avera’s new 143-acre industrial complex known as Bayport Logistics Park which is located on the east side of Underwood, just south of Fairmont Parkway. Kuray will occupy two build-to-suit facilities. John Littman of Cushman & Wakefield represented the tenant & Jason Dillee of Cushman & Wakefield represented the landlord.

RICHMOND/ SUGAR LAND, TX MEDICAL OFFICE SALE Everest Medical Properties, in conjunction with a pension fund, has acquired three medical office properties including Memorial Hermann Surgical Hospital & UT Physicians facilities in Sugar Land & Richmond. Institutional Property Advisors Healthcare represented the buyer & seller, a partnership including physicians & executives previously affiliated with Richmond Bone & Joint Clinic.

SPRING, TX OFFICE DEVELOPMENT CityPlace 2, a 327,000 sf Class A office building is being constructed in CityPlace which is located at Grand Parkway & I45 North. It is scheduled for completion in 2018 & is 100% leased to American Bureau of Shipping.

THE WOODLANDS, TX MEDICAL BUILD-TO-SUIT LEASE Howard Hughes Corporation is constructing a three-story, 203,000 sf facility at 100 Fellowship Drive for The University of Texas M.D. Anderson Cancer Center. Construction is expected to commence during the second quarter 2017.

TOMBALL, TX

INDUSTRIAL LEASE Epic International leased 11,375 sf at 21227 Hufsmith-Kohrville Road in the Tomball Industrial Park. Patrick Wolford & Mike Spears of Lee & Associates represented the landlord & Darren O’Conor of NAI Partners represented the tenant.

WALLER COUNTY, TX MANUFACTURING/DISTRIBUTION CONSTRUCTION Daikin Industries has opened Daikin Texas Technology Park, a 4.23 million sf, $417 million campus on 500 acres at 19001 Kermier Road. The facility will serve as the company’s headquarters for building & distributing HVAC products & is the largest tilt-wall structure & the second-largest manufacturing facility in the US.


ADVERTISER INDEX

A. A. Realty Company 25 Arnie Altsuler - KW COMMERCIAL 40 Berkadia 2, 3 Caldwell Companies 15 Capital Retail Properties 1 - SE Texas, 21 City of Seabrook 23 CREW Austin 28 CREW San Antonio 28 CTCAR 28 FBSCR 28 Gordon Partners 8, 9 Greenberg & Co. 12 Hankamer Commercial Brokers, LLC 24 JLL 7 Levcor, Inc. 12 National Environmental Services, LLC 43

classifieds & index Phase Engineering 30 Plus Corp Photography 24 Premier Property Services, Inc. 14 Realty 1 Partners 14 Retail Live! 29 Showalter Law 41 Stream Realty Partners 1 - Central/So Texas Tarantino Properties Inc. 17 The Real Estate Council - Greater Ft. Worth 24 Uptown Houston 5 Waller County EDC 24 Wendy Cline Properties 22 Williamsburg Enterprises 44 Zarsky Industries 13

In Next Month's Issue... Drones vs Property rights

New Feature..."Wants & Needs" If you're searching for "hard to find" properties, this classified section allows you to let the market know exactly what you're looking for.

WANTS/NEEDS 2nd Generation Restaurant Spaces Anywhere in and around Houston; Contact Donnie Chang, Jimmy Chang, or Laura Diggs; 713-939-8181

Land in low or flood plain areas, minimum 20 acres; Contact Donnie Chang, Jimmy Chang, or Laura Diggs; 713-939-8181

Protecting Property Owner’s Rights

Eminent Domain Compensation for Roads • Pipelines • Power Lines

www.ShowalterLaw.com

281-341-5577 • Info@ShowalterLaw.com

North Texas CCIM Chapter


ray’s buzz BY RAY HANKAMER rhankamer@gmail.com

CCIM Luncheon - Casey Wagner of Walker Parking:

The Impact of the Self-Driving Car / Autonomous Vehicle (AV) on Commercial Real Estate • Risks associated with AV include insurance, regulations by multiple government agencies, affordability, tech limits for cars, infrastructure limitations/cost, competition from transit, and other • Trust in the feature-by-feature addition to today’s cars is slowly increasing, with such features as automatic parallel parking [but as with so many ‘high tech’ gimmicks, who really needs many of them?] • “By 2025-2030 most new cars will have fully autonomous features…or maybe by 2040-2060.” • The average car takes eleven years to move through the ‘fully serviceable life cycle’ so that cars sold today will still be in use in 2028…it will take a long time for new technology to push out current levels of features on autos • Rental car and taxi company revenues are already being negatively impacted by ride services, which replace individual cars and the need for public parking for them…this is beginning to affect the thinking and planning of CRE developers

• We should be thinking of how to convert surface and structured parking in CBDs to other uses in the future, as need for them shrinks-parking garages as they are now built are notoriously difficult to convert due to ramps and low ceiling heights • The dream of AV advocates is that there would be a fleet of driverless vehicles circulating like uber and Lyft now do, waiting for a call to take people to work and pick them up, take kids to school, etc., thus reducing the private ownership of cars from 2.1 per family to 1.2 per family, reducing traffic congestion and the need for parking • Question from the audience: What about those who need car seats or other personal belongings at hand in their cars at all times? Answer from speaker: There are a lot of things to be worked out. Conclusion of this writer: The availability of autonomous features on the cars we buy and drive will increase slowly, depending on rate of acceptance by drivers and insurers, but the concept of a fully autonomous car with no steering wheel or pedals is…at this point at least…largely science fiction.

Takeaway: There are five levels of autonomy when it comes to self-driving cars, beginning with partial autonomy such as your lights coming on when it gets dark, and there is a beeping sound when backing up when you are about to hit something. We are still a long, long way from full autonomy with a driverless vehicle taking us places, and the discussions at this point seem to be mostly theoretical. Many obstacles are in the way of fully autonomous vehicles, such as regulatory, insurance issues, consumer acceptance, and so on. To the extent surface and structured parking may be needed less in the future (already ride services and transit are reducing the number of private auto trips), CRE planners should think about lower parking needs for new buildings, and about how to build structured parking now so that it can be converted in the future to other uses. [One of the obvious questions is: why not just use this effort toward AVs to improve and perfect public transit along existing corridors? Answer: Opposition and political clout of auto dealers and repair shops, tire and battery shops, huge highway contractors, sand, gravel, and aggregate producers, heavy equipment manufacturers, and oil and gas producers, refiners, and marketers. None of these segments wants to see transit replace the private auto…hence their interest in AVs over transit.]

O’Connor & Associates Hotel Forecast – Randy McCaslin Managing Director of CBRE Hotels Consulting, Speaker • 2 016 was the bottom, as demand fell and new supply was coming on stream; 2017 transition year, with gradual return to stabilization over next 4-5 years • 2 014 had been a stellar year with occupancies about 10 % over traditional levels • T he new downtown Marriott convention hotel will be a ‘game-changer’ in Houston’s ability to attract future conventions-we now have an attractive number of rooms within 3-4 blocks of the George R. Brown Center • 5 ,200 new hotel rooms will have opened in the CBD by the end of 2017 •K  aty-Westchase-Energy Corridor, NW, and IAH have been hardest hit by lower levels of O & G industry travel 42

July 2017

Takeaway: 2014 was a boom year for hotel occupancy in Houston (69%), but in 2015 there was the beginning of the drop in oil prices and the decline in demand (-2.6%). By 2021 occupancies will have climbed slowly back to 66% barring any unforeseen events. The Super Bowl in the first quarter of 2017 was boon PR-wise for our city, but over the year it will have contributed only nominally to hotel occupancy / revenue.


NATIONAL ENVIRONMENTAL SERVICES Houston, Texas GABRIEL ENVIRONMENTAL GROUP San Bernardino, California National Environmental Services, based in Houston, Texas and Gabriel Environmental Group, based in San Bernardino, California, are sister environmental consulting companies, first established in 1995, that conduct a full range of reliable and cost-effective environmental assessment and corrective services, with competitive pricing and convenient turnaround. Licensed, certified and qualified to perform a wide range of services, including: • Phase I Environmental Site Assessments (AAIs-ASTM E 1527-13) • Transaction Screens (ASTM E 1528-06) • Asbestos & Lead-Based Paint Inspections (Licensed Texas Asbestos Consulting Agency) • RSRAs (Records Search with Risk Assessments) • Phase II Subsurface Investigations* • Remediation and Corrective Activities* • Soil, Water, and Air Testing Services • Indoor Air Quality/Mold Surveys (Licensed Mold Consulting Agency) • Underground Ground Storage Tank Testing Services* *Performed in Texas in partnership with Terrain Solutions, Inc., Texas Geoscience Firm Registration # 50018

SERVICES ARE PROVIDED NATIONWIDE National Environmental Services Houston, Texas Tel: 281.888.5266 hgabriel@nationalenv.com www.nationalenv.com

Gabriel Environmental Group San Bernardino, California Tel: 909.790.4371 hgabriel@gabrielenv.com www.gabrielenv.com


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WALMART PAD SITES GROUND LEASE OR BUILD-TO-SUIT AL ROSS SIGN GROUP SET TO

WILLIAMSBURG ENTERPRISES T. 713.955.0960 KSIMS@WILLIAMSBURGENT.COM

FM 2100 near HWY 90, Crosby, TX

7th St/Hwy 35 – Across from Wal Mart Supercenter, Bay City, TX

MAKE ITS MARK ON HOUSTON

PAD SITE PAD SITE

Houston-based equity firm, Al Ross

“We’re committed to delivering the

Group, LLC recently acquired a large sign

best value to you on every

company in Houston, and rebranded to Al

project, whether we’re creating

Ross Sign Group. The sign company, in

signage that is functional, artistic,

business a solid, loyal client • 1.6527 acreyears pad sitehas fronting Hwy 35

or a bit of both. That’s the Crosby’s major retail corridor • Pad site faces

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• 28,000 CPD onlywhen pad available on FM 2100 difference you’ll experience • 3 curb cuts along Hwy 35 serve the property • Only pad available on FM 2100 With •aggressive marketing a high working with Al Ross Sign Group.” $1.8 billion Tenaris campus and underway nearby • Available for Ground Lease or Build to Suit Available for Ground Lease or Build to Suit • Excellent Fast Food or QSR pad level •of service, Al Ross Sign Group will • Come join Wal Mart, Hibbett, AT&T, CATO, Sally Beauty, Subway, and more A l R o s s , C E O • Wal Mart, Kroger, Aldi, CVS, Walgreen’s and others along Hwy 2100 quickly rise to the top, not only in

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Corner of Loop 227 & Hwy 146, Liberty, TX

Corner of I45 south and FM 1764, Texas City, TX

PAD SITE

Expect the best! T AT&

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713.661.1500

|

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REDNews July 2017 Central South Texas  
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